Home prices in 20 U.S. cities including the Portland-Vancouver area, rose in November for the sixth consecutive month, signaling the industry that precipitated the worst recession since the 1930s is stabilizing. The S&P/Case-Shiller home-price index increased 0.2 percent from the prior month on a seasonally adjusted basis, the group said today.
Home prices in the Portland market increased a seasonally adjusted 0.9 percent from October to November and 0.3 percent in Seattle. The national gauge is down 5.3 percent from November 2008.
Portland home sales improved notably in December compared to a year ago. Closed sales rose 52.6 percent in December, compared with the same month in 2008, according to figures released Thursday by the Regional Multiple Listing Service. Pending sales climbed 40.9 percent and new listings rose 11.9 percent.
For the year, closed sales were comparable to 2008 and pending sales increased by 4 percent.
The year ended with a 7.7 month inventory of unsold homes, roughly half the 14.1 percent level posted in 2008. There were 1,506 closed sales in December, 16.1 percent fewer than November.
The year 2009 had 44,357 new listings, 19,921 pending sales, 18,955 closed sales and an average sales price of $289,900.
That compares with 2008’s 54,605 new listings, 19,150 pending sales, 19,132 closed sales and average sale price of $330,300.
Portland area home sales for the first 11 months of the year were running 4.1 percent behind the same period in 2008, according to figures released Tuesday by the Regional Multiple Listing Service.
The median price for a Portland home fell to $239,000 in November, down 9.8 percent from a year ago.
The Realtor group said 1,795 sales closed in November, 72.4 percent more than the same month in 2008. The flurry was sparked by a federal first-time home buyer tax credit, which was to expire at the start of December but has since been modified and extended.
Compared to October, however, closed sales decreased nearly 11 percent.
The inventory of homes fell to 7.1 months from 15 months a year ago, but a slight increase from the 6.5-month level of October. The inventory figure reflects how long it would take to sell homes at the current pace.
source: Regional Multiple Listing Service
Clark County home sales continued to rise in November compared to a year ago, but foreclosures and short sales pushed prices down by 13 percent, according to a report today. The overall median price was $199,950 for the 529 new and preowned homes sold last month, falling below $200,000 for the first time in nearly five years in Clark County. February 2005 was the last time the median price was below $200,000, at $198,129.
This is an excellent time to take advantage of the low price points and mortgage rates!
Mortgage application volume increased 8.5 percent last week, as more borrowers refinanced loans to lock in interest rates near record lows, the Mortgage Bankers Association reported today. Refinancing activity jumped 11.1 percent on an adjusted basis during the week ending Dec. 4, compared with the previous week. Purchase volume rose 4 percent. Customers looking to refinance existing mortgages accounted for 74.4 percent of total applications, up from 72.1 percent the previous week.
The first uptick in interest rates in six weeks might have also pushed borrowers to lock in rates now. The average rate for a traditional, 30-year fixed-rate mortgage increased to 4.88 percent last week from 4.79 percent the week before.The average interest rate on a 15-year fixed-rate mortgage increased slightly to 4.33 percent from 4.27
source: The Columbian
You can’t afford to miss timely market information. Our HomeFinder system automatically:
- Scans the MLS database every six minutes
- Alerts buyers to new properties almost immediately
- E-mails complete buyer listing sheets
- Includes address and all property details (including property address, street map and driving directions)
- Sends automated updates as soon as new photos are available
For even more detailed information, ask a Prudential Northwest Properties broker about signing up for HomeFinder Pro.
Our exclusive Property Investment Profile reports keep property owners apprised of current property values based on real time MLS market data. We frequently hear appreciative comments from homeowners who receive these reports via email…
“Just a note to thank you for the excellent service you provide with this e-mail. I find it very helpful and interesting to be able to track real estate activity in my area with so little effort on my part! You may not remember me, but we met while you were canvassing my area near Cooper Mountain. I don’t have any plans to buy or sell very soon, but, with the retirement of my usual realtor, you’ve moved to the top of my list of realtors should I need such a service.”
Here’s one from a gentleman at first hesitant to give out his email address:
“Thank you for including me on your Property Investment Profile report mailing list. I get a lot of useless Real Estate information coming from well intentioned marketers, but your report is the best and most useful I have seen. When it arrives, I always take some time to look through it and educate myself as to our current neighborhood market.
When you first contacted me, I hesitated to give you my e-mail address because I expected another duplication of what the competition is already doing. However, your report is unique in its timeliness and format. Best of all, it is easy to navigate and does not require a direct inquiry to the Realtor to find out the information most needed. This program distinguishes you and your firm, and presents a very professional appearance in terms of your marketplace presence. And, exploring the attachment information is very helpful for our situation. Whoever wrote the program has developed a very useful tool. Keep up the good work.”